UPDATE ON INTERNATIONAL PLANNING ISSUES MONTE CARLO
Registration of beneficial ownership
[ MARTIN PALMER ]
THE SMALL BUSINESS Enterprise and Employment
monte-carlo
11-13 OCTOBER 2015 SUMMARY OF THE MEETING
A fresh look at Monaco [ WILLIAM EASUN ]
SIR CHARLES CLORE was resident in Monaco when he died. In 1984, the English court held that he was domiciled
in England: [1984] STC 609. He would have been ‘domicilié’ in Monaco – by Monegasque law, but Monaco applies national law to an estate. (In the United Kingdom that means the law of the UK national’s domicile). Civil law has a wider concept of the estate of a deceased individual, entitling family members to forced heirship rights. The judge decided that Sir Charles had an English domicile of origin and did not form a ‘settled intention’ of residing permanently in Monaco, and accordingly did not acquire a non-UK domicile. Lord Bristol made a ‘law 214’ trust – which
allows foreign nationals an exception to Monegasque inheritance rules. In 2014, the Monaco court ruled that a South African was not entitled to make a will subject to South African law by choice.
The judge decided that Sir Charles did not form a ‘settled intention’ of residing permanently in Monaco...
The ITPA Green Book 2017
www.itpa.org
017
Act 2015 requires disclosure of beneficial ownership in a public register. Regulations extend the requirement to limited liability partnerships. The position of beneficiaries of trusts is unclear. There are definitions of a person with significant control (PSC). Corporates are excluded unless they are RLEs (relevant legal entities) or corporate partners or trustees. The act imposes an obligation to make relevant enquiries and disclosures. The address of a PSC must be ascertained, but is not disclosed to the public. It is not clear what is required for the purpose of a request for information to be reasonable. There will also be a central register. There are limited exceptions for PSCs at risk of violence. There are penalties for non-compliance. There is some preliminary guidance as to the powers which are relevant. Fragmenting share ownership may escape PSC status, as may interposition of an offshore company or split share capital.
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